Want to gift your family with a portion of your estate while you are still alive? You may be subject to filing a gift tax return. Recent death in the family? You may need to file an estate return. Family trust?
Have you been considering signing over your property to your child? Before you do, give me a call and let's discuss the tax consequences. You may find it's not as simple as transferring a deed!
Barbara's Tax Service can handle all of your tax filing needs, including situations that are less common. Call today for details.
Often overlooked, tax planning is so important! Life events such as job changes, retirement, new babies or children leaving the nest, are just a few of the things that can have a big impact on your tax situation. Thinking of borrowing from your retirement? Call me first! Typical corporate HR departments will not counsel you on the taxing implications of your decisions and you have a very small window of time to get it right.
Do you know if you are required to make quarterly tax estimates? The answer is probably yes if you are one of the many individuals operating a successful primary or sideline business. Don't have a sideline business? Let's discuss why starting one can be the best financial decision you make today!
Speaking of business, are you taking advantage of all tax strategies available to you? Should you put your kids on the payroll? Probably! Should you put your spouse on the payroll? I have some great solutions for offering compensation packages to your spouse that will benefit you in ways you may not expect. You know he/she helps your business succeed. Let's find a way to maximize your combined success!
Very basic tax planning is included in the cost of tax preparation. However, life changes and big financial decisions often require detailed analysis of your situation. A little money spent now can save you thousands in taxes later. Planning is key!
When I started my business in 1987, I focused primarily individual income tax returns, specializing in small solely-owned businesses. While this is still my core specialty, I have expanded my services to include larger businesses including LLC’s, S Corporations, and Partnerships. I also prepare returns for estates, trusts, and C Corporations, as well as gift tax returns. I offer several other business services payroll, and entity set-up for LLC’s and S Corporations. I can also provide training for bookkeeping or refer you to Rae's Bookkeeping for comprehensive bookkeeping services.
Tax Preparation Turn-around Time
I am a single-person office so there are occasional times when preparation of your return may be delayed by a couple of weeks. Congress, CoVid 19, and the IRS have created some unique and never-before-seen tax issues. More due diligence is required of professional tax preparers. Even if your tax situation has not changed, it is very likely your tax return has. There are very few returns these days that could be classified as "simple".
Tax Planning and Strategies
I am conservative and careful and help my customers stay in compliance with all state and federal tax laws. As an Enrolled Agent, I can offer information on tax strategies for both businesses and individuals to maximize tax savings. I understand how personal and business dealings come together on your tax return and I can help you map the course of your business to its best financial success.
Unfiled Taxes from Previous Years? I Can Help!
I know that sometimes life circumstances cause taxpayers to fall behind on their tax filings. I am here to help you catch up and remain current, no matter how far behind you may have fallen. I’m not here to judge your situation, I’m here to help you improve your situation.
State Income Taxes
Do you live in a state that requires state income taxes? Have you recently moved from or to a state requiring filing? Do you work or gamble out of state? I can prepare those returns for you! I have the latest software and reference material to keep you in compliance with your state taxes.
In Conclusion
Don’t know where to start? Call today and I can help you with advice, handouts and client organizers, many of which focus on your particular business.
Don’t delay, give me a call today and let’s get started. Let me take the burden out of your tax filing, bookkeeping, and payroll needs! (940) 393-3590
As an enrolled agent, I am required to stay on top of changing tax laws. Do you need to review your entity status? Different entities are taxed differently. Corporate rates are now a flat 21% so should you become a C Corporation? Maybe, maybe not. If your business is small your tax bill may still be more, even at a flat rate. Is it time for you to elect Subchapter S treatment? It is a good strategy for saving self-employment taxes but there are administrative duties that may be a deterrant. Let's talk and figure out what works best for your business.
So many businesses, so many tax laws, so many tax reporting requirements. BTS can handle them all. Are you a sole proprietor? I've prepared hundreds of schedule C's over the years and can walk you through what records to keep and how to keep them. Here are a sample of the tax returns I can prepare for your business:
Do you have an LLC? Whether you operate as a sole proprietorship or have elected Subchapter S tax treatment, I can help you with that. And don't forget your annual Texas Franchise Tax return filing. I can prepare that for you as well.
Do you need to file for your LLC? I can do that! Have an LLC and want to elect Subchapter S treatment to save taxes? I can do that too!
Do you operate a farm or ranch? I've prepared hundreds of Schedule F's.
C-corp, S-corp, partnership, non-profit company or foundation, I can take care of your reporting requirements.
For you sole proprietors out there that are being hammered with self-employment taxes, I am experienced in Subchapter S filing and have packages available for easy monthly payments.
Business returns require a more comprehensive understanding of tax law and reporting requirements. These returns are billed accordingly and may require a retainer fee before preparation begins. Please contact me for further details.
Do you know how your business is doing? Do you use your bank balance to gauge your profits? That may not be an accurate yardstick. Debt service and personal draws reflect on your bank balance but don't necessarily correctly reflect your bottom line.
Many small businesses do not have a real idea of how their business is doing until tax time. The surprise of owing taxes is common. How can I owe taxes when I didn't make any profit? Again, cash flow is not necessarily a good measure of profit. Successful business owners keep up by viewing periodic financial statements, including balance sheets and income statements. Want to know where your money is going? Ask for a cash-flow statement.
A business loan or a personal mortgage usually require current financial statements for consideration. Even if you do not subscribe to any of our bookkeeping packages, I can prepare your financial statement from records provided by you. This is an example of consierge service, typically billed at a per-hour rate. Your efficient organization will save you money.
Call today and find out how to keep abreast of your business activity on a regular basis.
Please Note
I am not a CPA and I cannot certify, audit, or otherwise guarantee your financial statements. If your lendor requires this you will need to hire a CPA to perform this service as I am not authorized to do this.
What kind of business do you operate? Is it a small, sideline sole proprietorship? An online business? Are you a member of the new "gig" economy, participating in Uber, Takl, Care.com, or some other service business? No matter how small, it is important to start out right. Set up a separate bank account. Register your dba/assumed name (business name) with the county. Set up a set of books. It's just good business!
I know, you have been meaning to set up some books, right? Well there is no time like the present, and we can minimize the hassle you face. In early 2016, Rae Sellers joined the BTS Tax team, offering her professional bookkeeping and payroll services. She is a QuickBooks™ certified ProAdvisor for both desktop and online versions. She can help you with setup, training, partial to full service data entry. She does it all! Here is a link to her website: Raes Bookkeeping
Part of keeping you "audit-proof" is proper recordkeeping. Even the smallest business needs to have some sort of organization to maximize deductions and minimize taxes owed. We recommend Quick Books Online© to keep your business on track. In many cases, we can offer wholesale pricing on your QBO subscription, saving you as much as 40%.
Whether you are a do-it-yourselfer, have an assistant or bookkeeper in-house, or want it all done for you, we can help:
For most small businesses, using a bookkeeping service is much more cost-efficient than hiring full-time staff. Give yourself time to run your business successfully by leaving the detail work to us!
In early 2016 I welcomed Rae Sellers as my primary bookkeeper and payroll specialist. She is a QuickBooks™ ProAdvisor for both the desktop and online versions and can help you with all facets of your payroll needs, from single-member Subchapter S corporations to small businesses employing several employees.
RAES BOOKKEEPING handles most of my payroll needs directly, including:
BTS Tax offers limited payroll service:
Please Note
Some more comprehensive payroll services may incur the extra cost of an online payroll accounting system such as QuickBooks Online payroll.
Nothing stays the same. Is your business growing, profits increasing? Are you finally reaching those financial goals only to find your taxes are eating your profits at an alarming rate?
Or does your business offer a service that leaves you vulnerable to litigation?
You may need to change the status of your business. Whether you need to set up an LLC for asset protection or elect Subchapter S tax treatment to reduce your tax liability, we can take care of you.
We cannot recommend one business entity type over another, that would be practicing law without a license! We can, however, show you how different types of entities are taxed. Depending on your business profits, you may pay less by using certain strategies.
When BTS Tax handles your business service needs, we monitor your progress and let you know when making changes could result in lowering your tax bill.
Just remember: This is not available retroactively! So do not wait. If your business is suddenly increasing, contact me immediately!
